Bicycle Market

The Global Market for Bicycles Set to Witness 3.7% CAGR over 2016-2024

Published On : Dec 16, 2019

Persistence Market Research (PMR), indicates that the global market for bicycles is set to expand at over 3% CAGR during 2016-2024. The market was valued at US$ 45.08 Billion in 2015, which expected to cross US$ 62 Billion over 2024. Further, the market in Asia Pacific region is foreseen to exhibit lucrative opportunities for leading players operating in the region.

Key Factors that are expected to play a Major Role in Driving the Global Market for Bicycle

Use of bicycle as a fitness equipment: Countries in Europe and North America have a high ratio of patients suffering from metabolic diseases. Thus, physician and fitness instructor strongly advise higher outdoor physical activity. This, in turn, is fueling the demand for bicycles in these regions as people are shifting towards bicycles for short distance commutation as well as burning the extra calories.

No usage of additional fuel: As bicycles require no additional fuel for running and have zero carbon emission making it more important in the context of global warming issues.

Reduce traffic congestion: Use of bicycles can help reduce the number of vehicles plying on the road and alleviate intensive traffic load to a subsequent level.

One of the best means of transportation: Bicycles are one of the preferable means of transportation for short distance commutation. However, insufficient infrastructural networks for cycles and lack of cycling tracks are limiting the use of bicycles to a certain extent.

By 2016 end, hybrid bicycles are anticipated to witness an overwhelming demand. In terms of value, the hybrid bicycles segment is expected account for over 38% of global bicycle market share, followed by the road and mountain bicycle segments, which are projected to account for more than 49% share of the market collectively. In addition, the hybrid segment is set to expand at a CAGR of 4%, to reach a market valuation of US$ 24.43 Billion by 2024.

Whereas, the conventional bicycle segment is projected to lead the overall market with more than 81% value share of the market. In 2015, the men segment accounted for more than 44% market share, followed by kids and women segments, which are expected to collectively account for more than 64% market share.

The mid-range priced bicycle is expected to be the largest segment of the market, in terms of value, which is projected to account for more than 55% market share by 2016 end, followed by the premium and low range segments, which are anticipated to collectively account for more than 45% market share.

Based on the regional prospect, Asia Pacific (APAC) is to be most lucrative market over the forecast period with more than 63% market share. In APAC, China is expected to account for a significant share of the market attributed to the massive bicycle market in the country.

Further, China accounts for a relatively higher number of E-bikes than E-cars. Asia Pacific is followed by North America and Europe, which are projected to collectively account for more than 23% market share. By the end of 2024, Europe bicycle market is expected to cross US$ 13 Billion, expanding at 4% CAGR during 2016-2024. Emerging economies are strongly promoting bicycle-friendly eco-systems and are focusing on developing numerous cycling tracks to reduce traffic congestion.